The RM1 fee waiver for interbank cash withdrawals at ATMs and SRMs in Malaysia will ease the public’s financial burden, says the finance minister.
KUALA LUMPUR: The RM1 fee waiver for interbank cash withdrawals at automated teller machines (ATMs) and Smart Recycler Machines (SRMs), effective July 1, is expected to help ease the financial burden on the public, said Finance Minister II Senator Datuk Seri Amir Hamzah Azizan.
The initiative is a collaboration between the Finance Ministry (MOF) and banks in Malaysia after identifying a shortage of ATM networks in certain areas, particularly in rural and remote locations, he said.
“If someone lives in a remote area where there is only one ATM belonging to a single bank, they have to pay the fee to withdraw cash from an account with another bank.
“Since banks have the capacity to absorb the cost within their systems, we encouraged them to abolish the RM1 fee,” he said after launching Pengurusan Aset Air Bhd’s (PAAB) Sustainable Islamic Finance Framework here today.
Starting July 1, customers of all banks in Malaysia will no longer be charged the RM1 for interbank cash withdrawals at any ATM or SRM nationwide.
In a joint statement, the Association of Banks in Malaysia, the Association of Islamic Banking and Financial Institutions Malaysia and the Association of Development Finance Institutions of Malaysia said the waiver will allow Malaysian debit cardholders to access more than 14,000 ATMs and SRMs nationwide regardless of which bank issued their debit cards.
